#美联储流动性政策 Interesting, the signals of liquidity easing are becoming clearer and clearer. The Fed expanding its balance sheet, major central banks cutting interest rates, and fiscal deficits driving monetization... these conditions combined indeed open a window for risk assets.

Delphi Digital is right; although it won't be a downpour like in 2020, the current environment does have a clearer and more predictable easing rhythm. Both gold and M2 have hit new highs; historically, these two indicators usually lead Bitcoin, so the recent rally in Bitcoin still has a solid logical basis.

The view from Banmu Xia is also worth considering—concerns about the AI bubble and Japan's rate hikes have been mostly digested, and now the new positive signal of the Fed expanding its balance sheet has emerged. Non-farm payroll data is neither good nor bad, providing room for rate cuts without triggering a recession in trading. In this environment, risk assets are indeed at the most opportune moment to enter.

However, it’s also important to remember that there will be cyclical fluctuations and pullbacks later on, and each pullback could be a partial bottoming opportunity. The key is not to be scared off by short-term noise and to maintain judgment of the overall trend.